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Coinmama Review 2025: Features, Fees, Pros & Cons Explained

In addition, Coinmama also marks up the market rate by 2% before the sale. As of now, Coinmama has neither a web-based trading interface nor a mobile application. The exchange’s trading platform hasn’t been launched at coinmama exchange review the time of writing this article. The crypto exchange provides various services, including Buy/Sell, Swap, and Trade.

• Additionally, only credit/debit cards and SWIFT payments were available for selling crypto, limiting the payment options.
• The purchase limits depend on the verification level only while accepted fiat currency is USD.
• So, even though you can only purchase the two most popular cryptocurrencies, both BTC and ETH will allow you to trade with all the smaller, less popular cryptos.
• The company allows users to set up 2-factor authentication, SMS alerts and other account security measures.Insurance.
• When you use other exchanges like Binance or Coinbase, your cryptocurrencies are stored inside the exchange’s wallet address, on their servers (which is highly inadvisable.).
• Before buying cryptocurrency on Coinmama, you will need a crypto wallet supporting the coin of your choice.

Coinmama Registration and Verification

With a passion for educating the masses on blockchain technology and a commitment to unbiased, shill-free content, we unravel the complexities of the industry through in-depth research. Some users lament that Coinmama doesn’t have a crypto wallet, but it’s easy to set up a wallet quickly. You either love or hate them, and there would be little point as your cryptos aren’t on the Coinmama system. They are in your crypto wallet, which you can probably download to your mobile.

Coinmama Review: Fees

After that, however, customers have no choice but to complete know-your-customer (KYC) verification before being able to use the platform. At Coinbase, you can sell bitcoins as wallet services are available. In addition to BTC and ETH, you are also able to purchase and sell litecoin as well. When it comes to privacy, Coinmama has different layers of verification for its clients, depending on their needs. The good news is that you can purchase bitcoins anonymously, that is to say with no verification of your identity, up to the value of $150 daily.

Unfortunately in 2019 the company announced that 450,000 email addresses and hash passwords were stolen. You automatically get included into the loyalty program you are eligible to. As mentioned trading platforms can be overwhelming and rather confusing especially for newbies. If you do decide to sign up with them, make sure you do some research. There are minimum required deposit amounts depending on the payment method you use. However both SWIFT Global and SWIFT UK have a minimum amount of $250.

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Coinmama’s £5.69 fee for a small sale of just £23.69 felt excessively high for such a small amount, a 24.06% fee! I appreciate the concept behind Coinmama, but its high fees make it an exchange I wouldn’t personally use. After 5 minutes, the page updated, letting me know the transaction was complete. Coinmama has a loyalty program with three levels, starting with the “Crypto Curious” with zero discounts. The more you understand the crypto space, the better your grasp of how to secure your cryptocurrency holdings. Once your identification is verified, you can begin purchasing cryptocurrencies by clicking on the “Buy” tab on the Coinmama website.

Coinmama is not a trading platform, so a comparison of its Maker/Taker model, as we typically conduct in our tests, is not applicable. However, the platform does apply various fees for buying or selling cryptocurrency. Coinmama is an established, reputable, beginner-friendly and easy-to-use platform. When navigating a crypto exchange with multiple tools and services, hundreds of tokens and a trading platform, it can be overwhelming when you’re starting.

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• Coinmama is a regulated bitcoin and Ethereum exchange, owned and licensed by NBV International s.r.o in Bratislava, Slovakia.
• Furthermore, as a direct purchasing platform, there are no additional trading pairs available and therefore can only spot trade.
• As Coinmama is an MSB (Money Services Business), you must provide the details as asked for KYC reasons.
• However, if you look around at companies selling you Bitcoinwith credit card as a payment method, you’ll see that it’s basically the same fee everywhere.

Selling via Coinmama proved to be a highly manual process, requiring users to send the crypto directly to Coinmama. The platform provided an address to copy and a QR code for mobile convenience to facilitate the transaction. Coinmama, founded in 2013, is a Canada-based cryptocurrency exchange and the consumer-focused arm of Wellfield Technologies, which acquired the company on May 27, 2022. Founded by Nimrod Gruber (COO, based in Israel), and Laurence Newman (co-founder and business coach in London), Coinmama now serves over three million customers.

They describe the platform as the “friendliest exchange in the world”, and the team page only lists first names, which is a nice touch. Stay up to date with our latest exchange reviews, promotions, how-to guides and educational articles on Bitcoin, cryptocurrency & more. In my opinion, apart from the in-built wallet thing, which is a convenience for many noob guys, Coinmama looks a great alternative to buy cryptocurrencies with much ease and speed.

The KYC process begins during the final steps of your first crypto purchase or sale. KYC was immediate after I submitted a clear photo of my government-issued ID, a separate selfie, and completed a brief FCA questionnaire. When certain information isn’t readily available, a newbie might ask, « What are they hiding? » for example, the website does not list Coimama fees.

We believe that you should check many exchanges before proceeding with the purchase… First of all you need to go through a simple registration process on this exchange… The fees earned go towards building this website’s resources.

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As for Coinmama verification time, accounts are normally verified within a couple of hours, so you will just need to wait until you receive an email. However, once this is done, you can buy up to $15,000 in coins without needing to provide any more information. So, even though you can only purchase the two most popular cryptocurrencies, both BTC and ETH will allow you to trade with all the smaller, less popular cryptos. Please note that an exchange broker and an exchange marketplace are not the same!

After this verification, you will have your bought bitcoins delivered instantly. However, level 2 and 3 verification may take up to six hours. Burning question for every crypto buyer are fees that platforms charge. As you might have already noticed in this Coinmama review, this exchange is setting itself apart from the rest in many respects, this one included. No, Coinmama is not a wallet provider, so if you need a place to store your coins, you should check out some of the most recommended cryptocurrency wallets.

Therefore, once purchased, users need to create an appropriate wallet to which the exchange can send their cryptocurrency once purchased. After the confirmation of payment and wallet address, the cryptocurrency is sent immediately to the user. At present, the minimum purchase amount on Coinmama is 60 USD, although this is based on the price of Bitcoin.

The exchange holds no assets on the platform, making it unappealing to hackers.Traders can buy 16 cryptocurrencies but can only sell Bitcoin through Coinmama. However, it is a secure platform that has successfully helped over 3 million users purchase digital assets in 188 countries.Coinmama is more of a brokerage than a crypto exchange. The platform to doesn’t custody assets for you, which means that any purchase you make is sent directly your wallet address of choice. Credit/debit cards, Apple Pay, Google Pay, and using a prepaid card to buy Bitcoin incur a 4.99% ‘express fee’ for fixed-rate instant purchases.